Business
An obscure 47-year-old law designed to right the historic wrongs of redlining was the ‘original ESG framework,’ executives say. Just look at how Crown Heights and Bed-Stuy have changed
The Community Reinvestment Act was a game-changer, but that was years ago. “When the CRA was passed, interstate banking wasn’t ...
SoFi cofounder explains ‘maturing process’ after his exit, and why he prioritized culture at his latest startup
Mike Cagney admitted that there were cultural “deficiencies” at SoFi when he was CEO—and how it was a wake-up call. ...
10 of the highest-paying web developer jobs right now
For a decade, there are 19,000 web development job openings expected every year. Read More
UK to lift ban on debit card use on gaming machines
Move designed to boost physical venues under pressure from online betting
Could Silicon Valley Bank happen again? ‘The short answer is, yes,’ says professor who sees $2 trillion of losses on the books
Columbia’s Tomasz Piskorski sees a lot of banks in trouble—but also banks becoming less and less important over time. Read ...
Child care now costs more than housing in all 50 states
With low wages for child care providers, razor-thin profit margins, and inadequate funding, it’s a deeply broken industry. Read More
‘Banks continue to become increasingly less relevant’: the professor who sees a $2 trillion hole in the economy predicts a thinning of the herd
Small-to-mid-size banks will be the first forced out of business, he says. “There are quite a few banks in the ...
Stanley Druckenmiller built a big bullish position in small-cap stocks last quarter
The notable investor, who now runs Duquesne Family Office, bought call options against 3,157,900 shares of the iShares Russell 2000 ...
English universities face severe deficits if student numbers fall, says OfS
Watchdog says growth forecasts are ‘not credible’ as ministers consider further curbs on international applications
Dow shoots past 40,000 for the first time on hopes that Fed will follow cooler inflation print with rate cuts
“All traders wanted the past year was for the Fed to signal that interest-rates have peaked,” one Wall Street pro ...
Russia to expel UK defence attaché in tit-for-tat move
Decision comes week after London ordered ‘undeclared military intelligence officer’ to leave Britain
The multitrillion-dollar ‘great wealth transfer’ is still at least a decade away: ‘It’s not really a present conversation’
“People don’t inherit money in their 20s and 30s outside of quite tragic circumstances.” Read More
Tinder, Bumble, and Hinge have turned into a ‘wasteland’ for Gen Z and millennials—and now many are breaking up with dating apps for good
Bumble’s turnaround ad campaign massively backfired, fueling a general trend of choosing celibacy or in-person interactions over app dating. Read ...
Dow slams milestone 40,000 after Walmart announced blockbuster profits
The Dow rose 10,000 points in about three and a half years, as the U.S. economy and corporate profits crawled ...
Why we’re relaunching our guide to post-Brexit Britain
Upgrading state will take more than money; plus, businesses bewail new hostile environment for overseas graduates
Walmart’s shares hit record high as retailer raises its earnings forecast
Company continues to benefit from consumers seeking the best deals amid persistent inflation
The Great Financial Crisis kick started the private credit boom, but SVB was its true ‘watershed’ moment, Sixth Street co-president says
Joshua Easterly, co-CIO and co-president of Sixth Street, said he realized after the GFC in 2009 that private credit was ...
How Slovakia’s toxic politics left PM fighting for his life
Allies of Robert Fico threaten clampdown after assassination attempt in climate of death threats and disinformation
‘One Chip Challenge’ led in part to high school sophomore’s death, autopsy found
The social media challenge involves eating an extremely spicy tortilla chip and then trying not to eat food or water. ...
These Dow stocks are cheap and have more upside as index reaches key milestone
CNBC Pro screened for cheap Dow stocks with upside potential as the blue-chip index reached 40,000 for the first time.
Sony lays down the gauntlet on AI, warning 700 companies against training algorithms on its music
“Innovation must ensure that songwriters’ and recording artists’ rights, including copyrights, are respected,” the company said. Read More
Here’s the deflation breakdown for April 2024 — in one chart
Deflation is the opposite of inflation: It’s when prices decline. That has largely occurred for goods such as furniture, appliances ...
BlackRock’s ‘boy wonder’ turned COO sees a ‘whole new world’ from generative AI: ‘Most significant … evolution, revolution of my 30-year career’
At Fortune’s Future of Finance conference, Robert Goldstein said large language models mean AI is about “words and language” now, ...
Stocks making the biggest moves midday: Walmart, Deere, Meta, Chubb and more
These are the stocks posting the largest moves in midday trading.
Top New York regulator Adrienne Harris optimistic about a federal stablecoin deal—but not at the expense of state authority
The Department of Financial Services superintendent spoke at a Fortune event about crypto oversight and bank stability. Read More
Georgia Republicans push to replace Confederate statue with one of Hank Aaron, ‘hero to Georgians everywhere’
Hammerin’ Hank would replace the vice president of the Confederacy. Read More
Some of the most talented, high-ranking workers at Apple, Microsoft, and SpaceX jumped ship after return-to-office mandates, new study reveals
Senior people may leave after a RTO more often than entry- or mid-level workers, because they simply have more to ...
These are the Dow’s most impactful stocks in its march to the key 40,000 level
The Dow Jones Industrial Average hit the closely watched 40,000 level on Thursday. A slate of names are behind its ...
Trump’s lawyers paint Michael Cohen as out for revenge in hush-money trial
Republicans attend courthouse in show of support for the former president and presumptive nominee
Joe Biden blocks release of audio from classified documents probe
Move stems from controversial report that called into question US president’s fitness for office
